LuxFi’s Ecosystem
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets. It is an innovative, secured, and highly accessible platform, where everyone can create NFTs that are backed by real-world luxury assets for buying/selling/investing, and auction trading in the LuxFi ecosystem.
The following illustrate the main functions of the LuxFi ecosystem and its utility for the luxury industry in general.
The Ecosystem
- NFT Marketplace for Luxury Items
LuxFi incorporates product traceability in the system by linking physical assets to their virtual NFTs. Digital profiles of the items are created, permanently stored on the blockchain, and visible to everyone once published. In order to determine the accurate value of the NFT, our data intelligence system collects real-world data from global sales channels and social media platforms. At every stage of the process, the marketplace ensures the safety of transactions for both the buyer and the seller, and our verification network avoids the circulation of counterfeit items.
2. NFT Auction
If the borrower defaults on the loan, the NFT/physical item will be sent to the liquidation auction on LuxFi NFT marketplace to be sold to our members and second-hand retailers in LuxFi’s network. Funds earned via the liquidation auctions will be used to pay back the lender, plus the accrued interest.
How Do The Platforms Work Together?
The workflow of the different trading platforms can be demonstrated through a simple case scenario.
Alice wants to turn her real-world luxury asset into an NFT. In order to do that, she has the choice to hand the physical item to a professional verifier in LuxFi’s network or an AI authentication device is shipped to her for the product authentication.
During the process, the product fingerprint is collected from the item and that is for linking the real-world asset with its virtual asset (NFT) on the blockchain. LuxFi then uses real-world data to provide accurate pricing of each NFT. An anti-forgeable NFT card containing a unique QR code is provided to her after the product profile is created and secured on the blockchain.
Afterwards, the physical luxury asset is redeemed and sold through the NFT marketplace to Elaine, who becomes the new owner after the NFT ownership is transferred. Elaine has the option to divide the NFT into parts, and sell some of it to reinvest into new assets.
LuxFi aims to empower real-world luxury asset owners to have more control over their assets by providing multiple secured and efficient financing services.
About LuxFi
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
Stay tuned on our social media channels:
Website: https://www.luxfi.io
Twitter: https://twitter.com/luxfiofficial
Telegram Announcement Channel: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial
Medium: https://luxfiofficial.medium.com
